Hospital and Laboratory Equipment Market is set to reach US$ 77.73 billion by 2031, North America leads the market with 38.2% market share | Market Trends & Tech & Strategic Partnerships.

The Global Hospital and Laboratory Equipment Market reached US$ 41.92 billion in 2023 and is expected to reach US$ 77.73 billion by 2031, growing at a CAGR of 8.0% during the forecast period 2024-2031.

Hospital and laboratory equipment market delivers advanced diagnostic, monitoring, and treatment tools that enhance clinical accuracy, patient safety, and research efficiency, supporting modern healthcare infrastructure and precision-driven medical decision-making.

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United States: Key Industry Developments

✅ January 2026: Solventum, the newly independent company spun off from 3M Health Care in September 2025, focused on advancing hospital wound care equipment and health IT innovations, strengthening U.S. laboratory and hospital supply chains amid rising demand for advanced medical devices.

✅ September 2025: The Trump administration initiated a Section 232 national security investigation into imports of robotics, industrial machinery, and medical devices including hospital and laboratory equipment, raising concerns over potential tariffs impacting supply chains and pricing in the U.S. market.

✅ August 2025: Stryker acquired a surgical instrument tracking company to integrate technology that prevents retained surgical items and optimizes sterilization processes, enhancing patient safety and operational efficiency in U.S. hospital operating rooms.

Asia Pacific / Japan: Key Industry Developments

✅ December 2025: Terumo Corporation launched a "Pain-Free" needle for insulin injection featuring a specialized bevel design to minimize tissue trauma, improving quality of life for diabetic patients and expanding Japan's advanced hospital equipment offerings.

✅ November 2025: Nipro Corporation expanded domestic production of dialysis dialyzers, reducing import reliance and securing supply for Japan's dialysis population while bolstering the laboratory and hospital equipment manufacturing base.

✅ October 2025: Olympus unveiled a new single-use endoscope for bronchoscopy, eliminating cross-contamination risks and reprocessing costs to provide hygienic solutions for respiratory clinics across Japan.

▶ Recent M&A activities:-

→ In November 2025, Abbott Laboratories agreed to acquire Exact Sciences, a U.S.-based molecular diagnostics company that develops cancer screening and precision oncology tests, in a transaction valued at approximately $21 billion. The deal strengthens Abbott's hospital and laboratory diagnostics portfolio and is expected to close in Q2 2026.

→ In November 2025, GE HealthCare entered into an agreement to acquire Intelerad, a medical imaging software provider, for about $2.3 billion in cash. This deal expands GE's enterprise imaging and workflow solutions across hospital and outpatient settings, with close expected in the first half of 2026.

→ In July 2025, Waters Corporation agreed to combine with Becton, Dickinson & Company's (BD) Biosciences & Diagnostic Solutions business in a Reverse Morris Trust merger valued at approximately $17.5 billion. This strategic combination creates a larger life sciences and diagnostics leaderdoubling Waters' lab equipment and diagnostics market presenceand is expected to close in Q1 2026.

→ In July 2025, Labcorp signed a definitive agreement to acquire select ambulatory outreach laboratory assets from Community Health Systems (CHS) for $195 million in cash. The transaction expands Labcorp's laboratory testing footprint across ~13 U.S. states by adding outpatient and phlebotomy locations formerly operated by a hospital system.

→ In October 2025, Thermo Fisher Scientific announced an agreement to acquire Clario Holdings, Inc., a clinical data management solutions provider, for approximately $8.88 billion in cash. While centered on data capabilities, this acquisition enhances lab and clinical research workflows and is expected to close mid-2026.

▶ Key Players:-

Medtronic, GE Healthcare, Philips Healthcare, Siemens Healthineers, Stryker Corporation, Hill-Rom Holdings, Inc., Thermo Fisher Scientific, Agilent Technologies, PerkinElmer, Inc and Roche Diagnostics.

Top 5 Key Players Analysis:-

Medtronic - Leading player with roughly 14.3% share in hospital/lab equipment globally, driven by strong surgical and monitoring portfolios.

GE Healthcare - Holds approximately 11.2% share, major in imaging diagnostics and patient care technologies.

Philips Healthcare - Around 7% share in hospital and diagnostic equipment, though growth varied across regions.

Siemens Healthineers - Estimated 11% share, strong in imaging, lab diagnostics and advanced therapies.

Stryker Corporation - Holds about 5% share with orthopedics and surgical systems focus.

▶ Tech & Strategic Partnerships:-

1. Philips & Rennes University Hospital - Sustainable Technology Alliance
Philips entered a multi-year innovation partnership with Rennes University Hospital in France.
Focus: Developing and deploying sustainable, low-carbon catheterization lab systems and advanced imaging platforms.
Goal: Reduce environmental impact of high-tech hospital equipment while optimizing clinical workflows.

2. Siemens Healthineers & Roche Diagnostics - Co-Development in Diagnostics
Siemens Healthineers and Roche Diagnostics formed a strategic co-development partnership in 2025.
Aim: Build integrated automation platforms for high-throughput molecular diagnostics used in clinical labs globally.
Impact: Enhanced combined diagnostic automation strength in genetics, oncology, and pathogen testing.

3. Oracle & Hospital Networks - LIMS Cloud Deployment
Oracle secured a major 2025 contract to deploy Cerner-based cloud Laboratory Information Management Systems (LIMS) integrated with hospital electronic health records.
Result: Improved database connectivity, real-time reporting, and standardized workflows across hospital lab networks.

4. Abbott Investment & Smart Diagnostics Expansion
Abbott announced a ~$500 million investment in transfusion diagnostics, R&D, and manufacturing scale-up in August 2025.
This includes broader tech partnerships with clinical labs for advanced screening and automated processing.

5. Medtronic & Philips - Expanded Monitoring Technology Collaboration
Medtronic and Philips reaffirmed and expanded a multi-year partnership in patient monitoring technology.
Focus: Broaden access to connected monitoring equipment in acute care and surgical environments.
Benefit: Greater interoperability between devices and hospital information systems

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▶ Market Drivers :-

⏩ Governments and private investors are pouring capital into modernizing healthcare infrastructure particularly in emerging economies where demand for quality care is rising rapidly. Initiatives focused on facility upgrades, enhanced diagnostic services, and local manufacturing capacity have accelerated equipment purchases. For example, recent frameworks in India include a ₹500 crore scheme to boost medical device manufacturing and clinical study support through FY27, directly uplifting equipment procurement and ecosystem development.

⏩ The transformation of traditional healthcare and lab practices through automation and digital innovation is a defining growth driver. Hospitals and labs are adopting AI-enabled systems, robotics, automated analyzers, and IoT-connected instrumentation to meet rising demand for accuracy, speed, traceability, and throughput.

⏩ The escalation of health awareness and routine screening protocols has significantly boosted the need for diagnostic equipment in hospitals and laboratories. With global emphasis on early disease detection catalyzed by events like the COVID-19 pandemic both public and private sectors are investing in PCR analyzers, immunoassay systems, molecular diagnostic platforms, and rapid testing devices.

⏩ The growth of biotechnology and pharmaceutical research is a key long-term driver for laboratory equipment. As R&D spend rises particularly in biologics, genomics, and precision medicine the need for analytical instruments, high-throughput sequencers, and advanced lab automation tools intensifies.

▶ Regional Insights:-

North America
• North America holds the largest share of the global hospital and laboratory equipment market, supported by advanced healthcare infrastructure, high R&D investment, and strong adoption of diagnostic and surgical technologies.
• The region's share is significant historically around 38.2% of total global market revenue and equipment utilization.

Europe
• Europe is the second-largest regional market, accounting for a sizeable portion of demand due to mature public healthcare systems and regulatory emphasis on quality and patient safety.
• Its share typically trends around 25% of the global market, with strong presence in diagnostics and research equipment adoption.

Asia-Pacific
• Asia-Pacific is a fastest-growing region, driven by expanding hospital networks, increasing healthcare spending, and growing lab and diagnostic facilities across China, India, and Southeast Asia.
• The region's market share is often in the 29% range and expected to rise due to ongoing infrastructure investments.

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▶ Market Segmentation :-

By Product Type: Includes diagnostic devices, surgical instruments, imaging equipment, laboratory instruments, and consumables, catering to diverse medical and research needs.

By Technology: Covers advanced technologies like digital imaging, automation, AI-driven diagnostics, and molecular testing to enhance accuracy and efficiency.

By End User: Targets hospitals, diagnostic laboratories, research institutes, and clinics, supporting patient care, clinical research, and laboratory testing services.

FAQ'S:-

Q1: What is the Hospital and Laboratory Equipment Market?
A1: It includes medical devices and lab instruments used for diagnostics, treatment, and research in healthcare settings.

Q2: What drives market growth?
A2: Rising healthcare demand, technological advancements, and increased laboratory investments drive market expansion.

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